Nrep buys 22,720 m² residential project in Herlev from Skanska A/S

Herlev is a growing municipality, and the area's popularity among everyone from young people to families and seniors has long been interesting for both Skanska A/S and Nrep. The latter has several rental apartments in Herlev and has closely followed the development of Hørkær Have, which has now led to a forward purchase agreement, where Nrep buys the property when it is completed next summer.

Renting already starts now through Juli Living, and the first phase of move-ins takes place from December this year. The 264 apartments in Hørkær Have will have two to five rooms from 58 to 137 m². According to Skanska A/S, there is strong local demand for smaller apartments, which is why the apartments have an average size of 85 m². Hørkær Have is located close to both S-train, light rail, and Herlev's center – as well as only 13 km from Rådhuspladsen in Copenhagen.

”Skanska develops rental apartments for investors, where we focus on good locations, more sustainable solutions, and community-building activities. We have strong confidence in the opportunities in Herlev, and so does Nrep. Therefore, it was obvious to seek a collaboration where Nrep takes over the rental activities now and the property when it is built,” says Peter Nymann-Jørgensen, CEO of Skanska A/S.

In the construction of Hørkær Have, there is a focus on more sustainable solutions, for example through recycled materials in the common areas, and the project is pre-certified to DGNB Gold by the Council for Sustainable Building. Additionally, the planting in the property's large courtyard will be selected by biologists and landscape architects to support local biodiversity.

High quality and good location
At Nrep, Investment Director Anne Sofie Vett Raaschou explains that the reason for investing has mainly been the attractive location close to public transport, shopping opportunities, and central Copenhagen. Additionally, Herlev is currently experiencing increasing population growth, and Juli Living already has good experience from renting out Nrep's homes in Herlev Town Center.

”Hørkær Have is a good addition to our open-end fund, Nrep Income+, partly because it is a modern property of high quality, both in terms of details, materials, and common facilities, and partly because it complements the fund's existing property portfolio very well. We have a strong interest in residential properties, and this investment reflects that,” says Anne Sofie Vett Raaschou.

Nrep Income+ has a total capital of DKK 13.8 billion. Since its establishment in 2020, the fund has invested in nearly 100 assets distributed over 36 transactions with a long-term focus on developing the built environment through modern logistics solutions, rental homes, and nursing homes. The investors include a number of global institutional investors, including pension funds and insurance companies.

Nrep has been advised in the transaction by Gorrissen Federspiel, PwC, Colliers, and Vita.

About Hørkær Have
Hørkær Have covers 22,720 m² and consists of 264 apartments in up to 11 floors in a U-shaped block with a large, central courtyard with an orangery, common rooms, and green recreational areas. The apartments will have either a balcony or terrace. There is parking space for all apartments, of which 44 will have charging options for electric cars.

Skanska acquired the site in Herlev in 2017. The project was started in January 2023 and will be completed in June 2025. Renting of the apartments begins in June this year, and move-in will take place in three phases from December this